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From an economic perspective we will enter a period of greater volatility as the world markets, equity and currency, come to terms with the changes. The one thing markets really don’t like is uncertainty and to an extent there is now less uncertainty about the UK’s position in the world. It is impossible to predict at this stage what the longer term fall out will be, both on these shores and further afield. Our decision to leave will have wider impacts on other currencies and economies as we were a significant economic component of the European Union. All that said we are in uncertain territory now and it is likely there will be effects on UK GDP growth in the short term and inflation and interest rates in the medium to longer term. Not all of these are going to be positive, but we are where we are and economic activity will evolve and continue.
From a political perspective there will be uncertainty about the future of the European Union and the Union of the United Kingdom. However, as the dust settles all the political entities involved will have to calm down and realise that any other proposed, or desired changes, will need to take time. It will take more than two years for the UK to extricate itself from the European Union and many other things going on in Global geo-political spheres will start to weigh on politician’s minds before Article 50 or any other exit plan has played out.
All businesses and individuals will still need to protect themselves from risk and the insurance market that has developed in the UK is one of the most respected and strong in the world. It is unlikely there will be any instant reaction either by insurers or regulators to unsettle that market or jeopardise your position. As the regulators, providers and trade bodies start to make pronunciations about the market conditions and any proposed changes, as your broker we will endeavour to help steer you through the sea of change and ensure your interests are protected.
Our wealth management team will continue to review funds and asset classes and through diversification do its best to ensure that investments reflect client’s attitudes to risk and are in investment schemes that have comprehensive statutory protection. The regulatory environment will change for our financial services team, just as it will for our private client and commercial brokers. All we can do is respond to this and keep abreast of these changes as they occur.
We cannot predict the future, but when we come to work next week it will be with a positive outlook and a desire to ensure we do all we can to continue to provide you with relevant bespoke solutions that meet your needs.
If you would like to discuss any element of this article or discuss your finances, contact John Bedford on 028 9032 9042 or any member of Willis Wealth Management.